Introduction to Foreclosure eCreditAttorney by liaoqinmei

VIEWS: 7 PAGES: 21

									Foreclosures
Demystified


               1
                           Contents
1. Introduction to foreclosure…………………………………………………………………..3
2. Simple understanding of foreclosure…………………………………………………….4
3. Situations leading to foreclosure…………………………………………………………..5
4. Contingencies taking towards foreclosure…………………………………………….6
5. Parties involved in foreclosure………………………………………………………………7
6. Relationship between tax lien and foreclosure……………………………………..8
7. The foreclosure period………………………………………………………………………..10
8. Importance of having an idea about the time period of foreclosure…….12
9. Smart facts to keep foreclosure away.…………………………………………………13
10. Be smart and avoid foreclosures………………………………………………………….14
11. Don’t ignore the situation……………………………………………………………………16
12. Planning your assets……………………………………………………………………………17
13. Making smart money…………………………………………………………………………..18
14. Identify your issues……………………………………………….................................19
15. Conclusion…………………………………………………………………………………………..20




                                                                                2
                         Introduction to Foreclosure
In the recent times, the concept of foreclosure has become immensely popular. In spite
of the gaining popularity, there are many people who do not know about the reasons
and circumstances that show the way to Foreclosures. Not only that, but people do not
even know how to avoid foreclosures.

One has to have in-depth knowledge of the facts related to the foreclosures. This will
give a better understanding and help people to handle situations. Like what are
foreclosures? Situations leading to foreclosures, the laws related to the homeowners
and money lenders, procedures to know of when one is involved in a foreclosure and
more.

This is a book which will help one in understanding the different minute details involved
in foreclosures and how one can avoid the same. Read on for some interesting and basic
facts on foreclosure!

The real estate market has suffered a set back right from the year 2006. Since then the
home owners around the globe have been forced to come to terms with foreclosures. A
foreclosure is a term associated with forgoes or fail to retain the ownership rights of
one’s house or property. Failing to pay for the mortgage of the purchased property
leads to foreclosures. Believe it or not the present economic slump is also a powerful
effect of the foreclosures that have been happening over a period of time.




                                                                                         3
                  Simple Understanding of Foreclosure
Foreclosure is technically defined as a right of redemption on a property. The situation
arises when a person has taken a loan on property by mortgaging it or has purchased
the property through a loan and is not being able to pay for the repayment installments.
In most cases the borrower is a house owner who had accrued his property with the aid
of loans, which due to some reason he is unable to pay back in time. As soon as the
borrower fails to pay the loan amount he or she becomes a “defaulter”. If the defaulter
has no other source to pay off for the loan, the property is seized and sold to recover
the loan amount. This will result in a decrease in credit rating for the borrower who
becomes a looser in the future.

A borrower can take a loan for purchase of the property from a financial institution or a
bank. The sanction of the loan involves quite a few legal formalities. This results in the
intervention of a third party in the cases. At this point, the judicial and non judicial
foreclosures come into the picture.

Judicial foreclosures are foreclosures that are overlooked and executed by the court. In
this case the lender can take over the property directly with the assistance of court
intervention. The process would be conducted by the mortgagee or the agent under the
guidance and surveillance of the court.

The final decision is taken by the mortgagee or lender in case of non judicial
foreclosures. The foreclosure would be conducted all the way through by a public
auction system. The borrower receives a notice from the sheriff in case of judicial
foreclosure. The auction is conducted at the court hall. The process involves legal
formalities held between the lender and the borrower. A person who is purchasing a
property in an auction can make huge profits, if he can manage to buy the property at a
lesser auctioned price than that of its market value.

In cases where the bank takes over the property one would have to wait till the bank
finds a perfect buyer for the same. Given the facts, it can be wisely said that
Foreclosures certainly aid borrowers to meet their loan arrears.

Owners of a property try to avoid the lengthy and elaborate procedures involved in


                                                                                             4
Foreclosures. This is specially related to borrowers who have a history of bad credit
because it will be very difficulty for them to avail loans. Though there are institutions to
assist you with foreclosures yet for the interest rate can turn out to be sky high for
borrowers with a bad credit history. One can purchase a relatively high priced property
at a low cost at foreclosure auctions or sale. This is seen as an advantage for the
buyers. The purchaser of the foreclosed property can then sell off the same at a profit
making and titanic gains!



                     Situations Leading to Foreclosures
When no further monetary dealings are possible between the borrower and the lender,
proceedings for Foreclosures commences. When borrower is entirely bankrupt, he can
find no alternative to repay the loans he had taken for his or against his property. Then,
he is left with no other choice apart from the Foreclosure.

Foreclosures do not give anyone the consent to throw you out of the house without
prior notice. Only when there is judicial intervention, the court can order you to leave
your house. The court too has a set of rules for foreclosures and evictions which must be
followed.

When the foreclosure of your property is handled by a bank, it is recommended for you
to find out from the bank as to when they will begin the procedures for the same. It may
as long as 90 days for the bank to commence with the proceedings. It is best to have the
knowledge of the dates of proceedings, so that you can make alternative arrangements
to move out in that span of time. This is because you will have to find a house which
you like and fits within your rent budget and then move out your belongings.

Foreclosure proceedings begin when a borrower skips the mortgage and all other
associated payments related to the owned property. A bank will first try and work out a
solution with the borrower so that the foreclosure can be avoided. Banks are known to
make settlements or find alternative methods prior to the decision of the foreclosure.
When the borrower continues to miss the payments and avoids contact, the bank will
resort to legal action. It will first send a note to the borrower demanding payment,
based on the acceleration clause. The acceleration clause is a kind of mortgage note. It
reads that upon failure to make the repayments the total amount which is due on the
                                                                                               5
borrower will have to be paid in total at call. It would also include the amount of
interest calculated by the bank as per the terms of the contract.

Once you receive the mortgage note from the bank, it is indication enough that you
should contact your attorney. An attorney will help you to proceed with your legal
formalities regarding the foreclosure. A mortgage note is the starting point of a future
foreclosure. The banks would follow up by sending across the “Notice of Intent to
foreclose” the notice is served with the help of the sheriff and the court.

Once the notice is served it is expected from the borrower to meet up with the
authorities and work out a solution. When the borrower does not respond to any notice
or call the borrower will be tagged guilt of missing payments by the court. The court will
apparently give legal permission to the bank to then begin the proceedings of
foreclosure. The bank then announces the foreclosure of the property in the local media
through advertisement. An auction is followed on the decided date and the property is
handed to the highest bidder. The borrower loses his property as the price for his loan.




                                                                                           6
              Contingencies Taking Towards Foreclosure
When a borrower misses to make repayments for his amount of loan, it will lead to
foreclosure of the property. The specified number of missed payments which would
lead to seal on the borrower’s property is mentioned in the loan contract.

The number of defaulted payments also depends on the characteristics of loan you have
along with the contract terms. The mortgage contract states clearly as to how many
payments you can miss ahead of a Notice of Default is filed against you.

As and when a person misses the first payment of the loan, it is a big indication that in
the future there could be a situation of foreclosure. A home equity credit line to lock
your interest rates must be set to prevent such a situation. This will give you the
prospect to get fast cash in cases of emergency.

Missing paying up a mortgage payment not as simple as missing a credit card payment.
It could be counted similar to a criminal offence. After you have missed a maximum of
four mortgage payments, you can be assured that a Foreclosure proceeding would be
started against you.

The credit history of a person is negatively affected when he evades a mortgage
repayment. A bad credit history reduces the chances of getting future loans. These loans
could be useful to a person as he can save his house from getting mortgaged, through
the loans. If you default at the mortgage repayments, chances of your getting future
loans decrease with every payments default.

Avoid missing payments in a row as this will speed up the foreclosure procedure for you.
    Once you have missed around three to four payments, the lender party, bank or
       financial institution will begin the foreclosure proceedings against you.




                                                                                            7
                      Parties Involved in Foreclosure
Missed payments would lead the banks or the financial institutions to declare
foreclosure. Once the foreclosure has been declared the rest would follow:

     Mortgage holders and other lien holders who hold interest in loans on your
      property, used as collateral, would be amongst one of the first people to
      foreclose your property.

     Banks and additional financial institutions from where you had got a lump sum
      loan for your property following which you failed to pay them back the monthly
      installments are also liable to put up your property for a foreclosure. This will be
      done with assistance from the local court or judiciary.
     A forced foreclosure and eviction can be issued by the sheriff, if the homeowner
      fails to make the payments even after repeated warnings. Notice is even served
      when the borrower does not respond or ignores eviction notices.
     The property is finally foreclosed by the auction houses. Once a foreclosure has
      been declared, legal notices are put up in public stating the details of the
      property in auction. This would begin within 90 days after you have failed to
      make your mortgage payments and your property has been declared for
      foreclosures.




                                                                                        8
              Relation Between Tax Lien and Foreclosure
A tax lien is imposed on a person once the property has been decided for foreclosure.

A tax lien is a type of tax imposed on property by legal institutions to secure payments
of the respective taxes. These could be taxes that have been imposed on real or
personal property that are a result of one failing to pay income tax or other associated
taxes.

In case of Foreclosures tax liens are generally imposed upon real estates that the
property owner has to pay up under all circumstances. This tax is even imposed upon
the current property owner if it was actually incurred by the prior owner of the
property.

There are various methods by which tax lien related payments could be made. A
property owner has the rights to make these payments directly or has the option to
utilize the services of a mortgage holder via an escrow account. In case of the property
owner using the services of a mortgage company, the company is liable to receive all
notices related to the property and its payments and even if the property owner does
not possess an escrow account, the mortgage company is bound to pay up the same in
his or her behalf. However, you they have every right to demand the same from their
client. In some cases the mortgage company can go as far as creating an escrow account
for their clients so that they can make their payments through the same. If this is not
done the mortgage company might end up making a loss in its value of mortgage lien if
the taxing agency sold out the property to meet unpaid taxes foreclosure.

In cases where the property owner sells off his property before foreclosure with
government aid, the tax lien if any is paid off during the closing of deal from the sale
proceeds.

Tax lien comes into focus when it is not paid prior to foreclosures. In such a situation the
property could be seized off and sold at a foreclosure.




                                                                                           9
For a purchaser, it becomes obligatory to check on a property that he plans to purchase
especially if via foreclosures. This is to verify and check for any associated tax liens,
unless he wants to fall into numerous legal clichés associated with the same. Further he
will end up paying tax liens for expenses he has not incurred. He will have to pay
because he purchased a property where the previous owner was a tax defaulter. In case
of personal properties it becomes mandatory for the present owner to pay up all related
taxes. A owner will not be permitted to sell his property unless all property related taxes
have been paid by him. Every government ensures that property taxes are paid by
property owners. This saves them from a tax lien being issued against them.

However, real estate owners are big time gainers when it comes to tax liens. The real
estate boom that happened in recent years is in fact a result of tax liens. Properties at
prime locations whose owners had failed to pay up the property taxes due to some
financial crisis or personal problems led to the boom. The real estate developers who
generally have a lot of money in hand make an offer to the property owners to buy
property and pays off all his tax liens. This makes them the owners of prime properties
at strategic locations which they can later sell at a much elevated price. All they have to
do is list out such properties with tax lapse, from which they can churn out whale
profits.




                                                                                        10
                            The Foreclosure Period

 Would you like to know the amount of time required in the entire process of
foreclosure? Well, this is one question that pops up in the minds of all owners involved
in foreclosure. Property owners panic as to how long it will be for them from the time
they take delivery of a foreclosure notice from the sheriff to the auctions to happen, and
the property deal to be closed. Since they do not have the proper idea of the
foreclosure period, they cannot take adequate measures to stop the property being
foreclosed or chalk out other alternative plans.


Factors affecting foreclosure time period:

The duration of a foreclosure depends largely upon the governing body or state and its
legal laws. The prevalent law is a vital factor that would decide when the foreclosure
proceedings would start and end. This begins once the property owner has missed a
mortgage payment. The property owner whose property is to be foreclosed must be
aware of the same so that they are well equipped to face the situation.


Estimating time frame:

- Mortgage companies: they would generally begin the foreclosure process 3- 6 months
post the owner misses the first mortgage payment.


- Though the stated period is 30 days after first missed payment, most money lenders
are kind enough to provide property owners a second chance. The lenders give the
owners 3-6 months time in hand to make necessary arrangements. If the loan default is
paid within that period, the question of foreclosure does not come into the picture.

 - Constant touch with banks: If you are a smart property owner who has fallen into a
foreclosure situation, you can delay the entire foreclosure process. This can be done by


                                                                                       11
being in constant contact with your bank or financial institution. This would lengthen
the foreclosure procedure by months if you manage to keep your bank occupied with
various paper work related to foreclosure or even make an attempt at resolving the
foreclosure sale. You can even ask your bank for extra time if you see some money
coming in the future. By avoiding regular contact with the bank one would only speed
up the foreclosure sale as the bank would assume that you are avoiding making of any
payments.

The actual eviction from the property would only occur after the sheriff sale is over. This
happens after the bank has secured a court order for eviction. This could take months to
take place at times. This is to give the homeowners adequate time to relocate and plan
their future. In extreme fortunate cases they can aim at refinancing or repaying their
loans.

- The actual foreclosure sale would only happen two to three weeks or even months
after the sheriff has declared and passed a notice. The sale of property would occur at a
county courthouse which is attended by the owner too.




                                                                                         12
     Importance of Having an Idea About the Time Period of
                         Foreclosure
Most property owners who are involved in a property dispute are unaware of the exact
time that they would be involved in a case their property is put up for foreclosure sale.

Since they do not have the idea of the time frame, they cannot plan any last minute
actions to save their property from the foreclosure and sale. Moreover, when the sheriff
plans to take quick action, the owner and family could be thrown out of the hose before
they could even contemplate it.

 This will just a make a person understand, how important it is to know about the time
  period involved in the foreclosure process. You can meet up your lawyer during that
      period and avoid the foreclosure by devising a plan and payments scheme.




                                                                                       13
                  Smart Facts to Keep Foreclosure Away
Who would like to loose his property through a foreclosure sale? Not many. It is not
everyday that a person makes a house or a property. After all every body have various
dreams and aspirations around their owned property. This is the very reason they would
not like to simply hand it over to a third party. There may have been some financial
crisis or unavoidable circumstances for which the owner may have failed to pay the
mortgage loan resulting in a foreclosure. Ups and downs are a part of life. It is a sorry
state of affairs but definitely not the end of the road. Well, you don’t have to worry!
There are numerous options slowly emerging for property owners. These are like the
magic clauses which are adept in order to prevent foreclosure sale of their property.

If you have plans to avoid a foreclosure sale of your property, the first step that you
ought to take is to contact your financial advisor. a legal firm which is well experienced
in handling a foreclosure situation will guide you through the various options available.
Apart from this you can look up different websites on the net for advises or read up
blogs of people who have been victims of a foreclosure sale. You will come across some
information which will give you the tips to come out of the foreclosure mess. These will
give you a reasonable idea on how to advance.

As you read on, we will be giving you some interesting tips on how to avoid foreclosures
on your property in this chapter.




                                                                                         14
                Be Smart and Avoid Foreclosures?
1. To begin with get in touch with counseling agent to advise you for a home loan
   modification. A home loan modification will help you reduce your monthly EMI’s
   for home loan. This will help you to retain your house as small monthly payments
   could be affordable and chances of skipping it will be less.
2. Talk to your money lender to help work out solutions to prevent a foreclosure. Be
   it your bank or any other financial institution from where you have availed the
   loan, speak to them for alternative ideas and plans to help you save your house.
   If you're unable to make your mortgage payment, get in touch with your lender
   immediately in order to stop foreclosure. Ignoring the bills will only make matters
   worse, increasing the likelihood that you'll lose your home for sure. Borrowers
   who look for foreclosure help early are much more likely to work out a solution,
   even in dire situation. Mortgage companies want to avoid foreclosure as much as
   you; this is because they make more money in the interest involved in the loan
   than they make in processing a foreclosure a deal. Based on your situation, your
   lender may be able to offer the foreclosure help that you require.
3. Look for reinstatement opportunities: in this method, the owner of the house
   who is apparently also the defaulter is given another chance. He can choose to
   make the payments on a future date of the entire amount of loans outstanding.
   Who knows you can suddenly get a bulk amount from company bonus, profit or a
   tax refund.
4. Go for a forbearance agreement: That is the lender allowing the borrower to
   decrease or minimize the mortgage payments for a time period. Within this
   period options for payments are worked out on the current loan.
5. Plan a repayment plan with your funds lender, till you have money structured to
   pay your actual loan amount. This repayment plan would be so made, so that
   your monthly payments are made much lower and affordable. This will help you
   to make up most of your losses and be in a better financial position. Once you
   financial position improves you will to be able to pay off your loans at the actual
   amount once again.
6. Mortgage modification. Mortgage modification is the process of working out an
   agreement with your money lender, whereby you could request your money
   lender to change certain terms on your loan document. With the modification
   you could still pay your monthly loan amount at an affordable rate. Changes

                                                                                   15
      could be brought about by incorporating the amount of the missed payments
      into the existing loan balance. Alternatively a change in payment can by modified
      by altering the interest rates from variable to be fixed. One could also extend the
      number of years for repaying the loan. Increasing the years would reduce the
      monthly loan expenditure.
   7. Make sure you opt for mortgage insurance. Mortgage insurances are insurances
      issued against your loan amount which you can use in crisis situations. It can be
      used in the times of foreclosure whereby you could obtain some amount of
      money to save the present situation. An insurance claim can delay your
      foreclosure for months. You would qualify if your loan is between 4 and 12
      months period. All you need to do is sign an interest free promissory note to
      enable a lien to be imposed upon your property till you are able to pay off the
      same. These are the numerous advantages of mortgage insurance.
   8. Avoid missing a payment if you don’t want to fall into the foreclosure trap. It’s
      best to avoid missing a payment.

One of the finest ways to avoid a Foreclosure is to bring to a halt the filing of Notice of
Default. The only way to prevent it is to be in constant touch with your money lender
and not to stay away from him. Staying in touch can enable you to work out a solution.
Your money lender may opt for forbearance that is by giving you adequate time to
reorganize for the current situation and the default payments. In rare cases the lender
can give you debt forgiveness, that is, he may forego your current payments for a time
period. But it is advisable not to expect this degree of goodness. Your money lender may
also extend your awaiting payments over a large period of time. When you talk to a
lender in good faith, he may come up some options which may be beneficial to you.
Though you cannot thank the lender enough, but you must try and meet the redesigned
and comfortable pay scheme.




                                                                                        16
                        Don’t Ignore the Situation
Ignoring will fuel the problem: that could end you up face to face with a foreclosure.
Be open to negotiations and conversations with your lender at all times. Your lender
would definitely work out an option for you.

Contact the State Government Housing Office for help: you can get in touch with
the government housing office for any questions and information’s that you would
want to know regarding foreclosures. Having sufficient information about
foreclosure and its connected laws will give you plenty of chance to plan a way out of
this predicament situation.

Get in touch with your state housing development counselor at first. They would be
bound to find a way out for you. In the United States of America there exists HUD or
the Housing and Urban Development association in every state which help
homeowners in times of crisis through free counseling. These counseling sessions
throws light on how to avoid foreclosures. The counseling sessions are educative and
helpful. They can go to the extent of explaining you every detailed law associated
with foreclosures, help you plan your finance so that you could avoid the same. In
some cases they could also become the intermediary between you and your money
lender. This is best alternative in situations where you would not like to face each
other.

Make your savings more than the expenditure: When in a crisis situation, spend only
on necessities rather than luxuries and other impulse purchases. Try and cut down
your everyday expenditure so that you could make your mortgage payments. When
you have to make a choice between the credit card and the mortgage payment, pay
for your mortgage. Remember, credit card are unsecured loans and can be settled by
paying a lower price later. Cut down on restaurants, movies, outings and vacations
for a time till you have made up for your losses.




                                                                                   17
                            Planning Your Assets
A foreclosure can be avoided if you have worked through your years to build your
assets. Assets could be in the form of a car, gold or silver jewelry. Assets with high
resale values, any policies, shares or savings could be used at this point of time to
make your mortgage payment and save your house. Like for Christmas you could buy
a policy apart from your spree shopping, for your birthday you could make some
investments. All these little savings are big help when you are in a financial mess.


Take up freelancing part time jobs. If you can add an extra income by doing a part
time job to meet your mortgage payment take it up! After all an extra effort can lead
to an extra income that can help you avoid a foreclosure. You will, be able to save
your asset with a little hard work and that too for a limited period of time.
Foreclosure consultants empty promises trap: the foreclosure consultant who go
outright to demonstrate to you that a foreclosure could be preventable if you
remunerated them a certain amount of money. Be smart and smell the foul play.

Instead utilize that cash to pay back your mortgage loans. In fact at worst cases you
could end up being a part of a foreclosure scam. These are scams that generate from
profit making organizations which lure or convince you that they would avoid a
foreclosure for you. No miracles happen as you see the foreclosure in front of your
eyes but they are successful in extracting a heavy amount of money.

One could avoid a foreclosure when he files for a bankruptcy. This would with held
foreclosure proceedings for a time period. One can make the most of this time by
planning out an option as to how he will meet the loan repayment situation of the
mortgage. Take help from an attorney. If you are a novice in this it would be best for
you to recruit a foreclosure attorney. The attorney will direct you on how to avoid a
foreclosure. He will give you the best options available to and will also come to your
help with all the essential paper work necessary.

Read on the internet for various blogs and advices on how to stop a foreclosure sale.
I am sure these will be helpful. You can get an occasion to relate with people who
have experienced or are about to experience a foreclosure deal. There is absolutely
nothing that you cannot find on the internet. The best advice on foreclosure along

                                                                                   18
   with practical examples will be available for you to read and understand. You can
   then try and imply it in your practical scenario. Use the search engines for all the
   help that you need.




                             Making Smart Money
Make smart money lender choice: One of the most important factors that could help
one avoid a foreclosure is to study your money lender before you pick him or her. Not
only that, but it is equally important to understand all the minute details of a loan prior
to accepting it.

There is no limit to options available to stay away from a foreclosure. Abundant options
can be worked out. Your alternatives don’t stop unless you have given up the fight. So it
is very important to be strong minded. You have to work towards a solution. Remember
all the happiness you felt when you finally became the owner of the property. Think of
the good times that you have spent there and those uncountable memories. All of it will
give you the strength to carry on your fight to save your property. Mind the use of credit
cards: You will realize that after a time you are unable to pay your mortgages because
you had been busy paying off your credit card bills.

Activate home equity lines: At least 90% of foreclosures could be prohibited or delayed
if home equity lines of credit were previously activated. This can often be set up for no
cost and can lock in rates as low as 4%. In most cases you pay zero each month if you do
not access the line. No one ever expects sudden health problems, loss of a job or
emergency requiring funds fast. All of these are contingencies. These events might
prevent obtaining a loan once they occur.

By setting up a home equity credit line before you ever miss a mortgage payment, you
will have money when you really need it. Just write yourself a check. When things get
back in order, pay back the line and then use it again the next time. But do not take
advantage of it and make regular useless expenditures. It is there for times of
emergencies to bail you out of financial crisis.


                                                                                        19
A friend in need is a friend indeed. In this crisis period do not forget to take help from a
friend who might help you out with the money required to meet your mortgage
payments. After all you can always pay a friend back that too without an interest when
your sunny days arrive again! And you would not have to loose your house to a
foreclosure! Do not feel ashamed to ask help from a friend, relative or close associate.
After all if they really love you they would never allow you to loose your home to a
disastrous thing as a foreclosure. In case you have a big ego, crush it my dear or it will
crush your property.




                               Identify Your Issues
Face your problems: share your problems with your friends and associates and with
your entire money lender. They will definitely find a solution for you. It is wise to accept
that there is a problem rather than run away from it and thinking all is fine. Look for
genuine money lenders: some money lender will show you no other alternative apart
from the foreclosure.

They are the clan of lenders who are there only to make money and do not believe in
humanitarian grounds. Remember options in 90% cases are workable so always take
multiple opinions and consultations before you take a decision or are forced to take
one.

Sell your property. You can yourself sell your property if you want to avoid a
foreclosure. It works! Selling your home yourself will get you a higher amount rather
than selling your house off through foreclosure at an auction.

This way you will definitely get more money from the sale proceeds with which you can
purchase a lower or equivalent value property without having to loose out on a whole
lot of money and engaging yourself in numerous paper work related to foreclosures.

                                                                                         20
You can good money for your house and be saved from any sticky embarrassing
situation related to foreclosure.

The last resort: even if you have lost your house or property to foreclosure you still have
an option to buy it back even after you are evicted! You can end up being the highest
bidder if you are able to organize the cash required to purchase your property under
auction during the period when the sheriff plans your foreclosure and entire eviction
process. If money is arranged prior to the auction you can buy it, but do not pay an
amount which costs you more than the property. Buy a new one!




                                         Conclusion
       Foreclosures are painful for the owners of property. There are times in life when
       hardships fall on us and losing property as a result of it is saddening. Life can
       never be foreseen but contingencies are inevitable. It is thus recommended to
       save for the hard times. Foreclosure is a just another loss and can be avoided if
       life is well planned and money is intelligently spend!




                                                                                         21

								
To top